Latest financial market news
BMCI: NIGS up 6% in H1 2025
In the first half of 2025, BMCI recorded moderate growth across its main indicators. Net Banking Income reached MAD 1,989 million, up 5.4% year-on-year. Gross Operating Income followed a similar trend, increasing by 7.5% to MAD 796 million, with GOI margin improving slightly to 40.0% (+0.7 pt). The cost of risk rose by 10.1% to MAD 397 million, while Net Income Group Share grew by 5.6% to MAD 223 million, maintaining a stable net margin of 11.2%.
TotalEnergies Marketing Maroc: NIGS down 20% in H1 2025
TotalEnergies Marketing Maroc posted an 11.1% decline in revenue, which fell from MAD 8,490 million to MAD 7,544 million. Operating Profit (EBIT) decreased by 5.7% to MAD 570 million, although the EBIT margin improved slightly to 7.6% (+0.5 pt). Net Income Group Share dropped by 20.1% to MAD 324 million, leading to a contraction in the net margin to 4.3% (-0.5 pt).
Alliances: NIGS up 28% in H1 2025
Alliances reported solid momentum with revenue rising by 10.3% to MAD 1,333 million. EBIT surged by 31.7% to MAD 320 million, lifting the EBIT margin to 24.0% (+3.9 pts). Net Income Group Share advanced by 28.0% to MAD 211 million, supported by an improvement in the net margin to 15.8% (+2.2 pts).G
TGCC: NIGS up 61% in H1 2025
TGCC delivered strong growth, with global revenue expanding by 43.6%. EBITDA more than doubled (+123.8%) to reach MAD 1,184 million, boosting the EBITDA margin to 21.1% (+7.5 pts). Net Income Group Share increased by 60.6% to MAD 416 million, while the net margin improved to 7.4% (+0.8 pt).
Vicenne: NIGS up 79% in H1 2025
Vicenne reported a robust performance, with revenue up 43.7% to MAD 527 million. EBIT climbed 63.8% to MAD 125 million, driving the EBIT margin to 23.7% (+2.9 pts). Net Income Group Share surged by 79.0%, with the net margin strengthening to 15.7% (+3.1 pts).
Aluminium du Maroc: NIGS up 34% in H1 2025
In the first half of 2025, Aluminium du Maroc posted moderate growth, with revenue rising 7.4% to MAD 650 million. EBIT increased by 6.8% to MAD 63 million, keeping the EBIT margin stable at 9.7%. Net Income Group Share rose more markedly by 34.3% to MAD 31 million, pushing the net margin up to 4.8% (+0.9 pt).
Afriquia Gaz: NIGS up 4% in H1 2025
Afriquia Gaz recorded a 10.5% increase in revenue, reaching MAD 4,701 million. EBIT grew more modestly by 3.1% to MAD 568 million, resulting in a slight decline in the EBIT margin to 12.1% (-0.8 pt). Net Income Group Share rose by 4.4% to MAD 368 million, although the net margin edged down to 7.8% (-0.5 pt).
Salafin: Net income up 12% in H1 2025
In H1 2025, Salafin posted a 2.8% increase in Net Banking Income (NBI), which reached MAD 191 million. EBIT rose by 12.7% to MAD 84 million, accompanied by a stronger EBIT margin of 44.1% (+3.9 pts). Net income grew by 12.0% to MAD 47 million, with the net margin improving to 24.5% (+2.1 pts).
Disty: Net income up 24% in H1 2025
Disty recorded a 13.0% increase in revenue, which rose from MAD 247 million to MAD 279 million. EBITDA also improved, reaching MAD 18 million in H1 2025, with the EBITDA margin slightly higher at 6.4% (+0.2 pt). Net income advanced by 23.8% to MAD 13 million, lifting the net margin to 4.5% (+0.4 pt).
Unimer: A loss of MAD -41 Mn in H1 2025
Unimer posted a 31.2% drop in revenue, down to MAD 392 million. EBITDA fell by 46.7% to MAD 16 million, bringing the margin down to 4.1% (-1.2 pt). Consolidated net income remained negative at MAD -41 million, with the net margin not meaningful for the period.
Maghreb Oxygène: NIGS up 14% in H1 2025
Maghreb Oxygène reported a 3.7% increase in revenue to MAD 154 million. EBIT surged by 47.7% to MAD 5 million, driving the EBIT margin up to 3.2% (+1.0 pt). Net Income Group Share grew by 13.5% to MAD 9 million, with the net margin improving to 6.0% (+0.5 pt).
M2M Group: A loss of MAD -0.5 Mn in H1 2025
Despite an 11.1% increase in revenue to MAD 61 million, EBIT fell sharply by 71.8% to MAD 2 million, causing the EBIT margin to contract to 4.1% (-12.0 pts). Net Income Group Share turned negative at MAD -0.5 million, with the net margin not meaningful.
S2M: NIGS up 66% in H1 2025
S2M maintained stable revenue (+0.8%) at MAD 149 million, while EBIT jumped by 144.9% to MAD 25 million, lifting the EBIT margin to 16.8% (+9.9 pts). Net Income Group Share increased by 65.6% to MAD 11 million, with the net margin improving to 7.4% (+2.9 pts).
Med Paper: Net income down 59% in H1 2025
Med Paper posted a 13.6% decline in revenue to MAD 42 million. EBIT dropped sharply by 71.6% to MAD 2 million, pulling the EBIT margin down to 3.8% (-7.6 pts). Net income decreased by 58.6% to MAD 2 million, with the net margin contracting to 3.6% (-4.0 pts).
Economic news
MOROCCO | GDP: A growth rate of 5.5% in Q2 2025
According to HCP, the growth rate of the Moroccan economy stood at 5.5% in Q2 2025 compared to 3.0% a year earlier. This results from the increase of 5.5% in non-crop activities and 4.7% in crop activities.
MOROCCO | RATING: Fitch Ratings affirmed Morocco’s rating at “BB+” with a stable outlook
Following its last assessment, the international rating agency Fitch Ratings affirmed Morocco’s long term foreign currency Issuer Default Rating (IDR) at “BB+“ with a stable outlook.
